With the news that American Apparel is in extremely dire straits, possibly closer to bankruptcy and closing its doors than ever, Business Insider dropped this incredible, longread about the behind-closed-doors happenings that led to the current situation at the company. Speaking off-the-record with sources at the company, the story revolves around the American Apparel board conspiring to oust former founder and CEO Dov Charney through a laundry list of moves that range from leaking a naked video of Charney to diluting his stock The Social Network-style.
Of course, there were plenty of other reasons why the company has found itself in the shitter, like the allegations surrounding Charney's egregious misconduct that included multiple lawsuits that cost the company millions. But if you want to peep the down and dirty shit here that reaches Zuckerberg level rumors, you should really read the whole piece. There was seriously a point where Charney was trying to get his stock holding back up to around 43% of the company, only to have the board apparently sign a deal that if he, or other shareholders, continued to buy stock, they'd also receive more free stock, meaning that even if Charney tried to get back his controlling stake, it would be even more diluted. The full story is easily the most interesting thing you'll read today.
